After rolling out the first new jumbo reverse mortgage product in two years, Generation Mortgage announced it closed the first Plus product on Wednesday.
“The Generation Plus loan caters to an underserved segment of senior homeowners living in higher-valued homes,” said Scott Peters, President and CEO, Generation Mortgage Company. “We’re very pleased with the quick market [...]

With fiscal year 2011 budget proposals making their way through the House and Senate, the Federal Housing Administration’s reverse mortgage program could see a 150 percent increase in annual insurance premiums, as well as reductions in available proceeds the HECM (Home Equity Conversion Mortgage) program says Generation Mortgage Company.
“Now is a good time for seniors to take [...]

The US House of Representatives passed the Transportation, Housing and Urban Development (THUD) appropriations bill for FY 2011 by a vote of 251 to 167 on Thursday.
When the debate began, the Federal Housing Administration’s reverse mortgage program had a $150 million appropriation but passed with $140 million.  While the number may be lower, debate among members of the [...]

The House Committee on Appropriations passed the FY 2011 Transportation, Housing and Urban Development bill on Tuesday and included $150 million to support the Federal Housing Administration’s reverse mortgage program.
While the Obama Administration requested $250 million to support the HECM program, the appropriations committee provided the $150 million to ”support elderly homeowners and assist them in [...]

Despite receiving $150 million from the House Appropriators Subcommittee for the HECM program, industry insiders stressed to RMD the appropriations process is a long way from over and there is still lots of work to be done.
There is no doubt that getting $150 million was a good step in the right direction according to Jeff [...]

The financial regulation reform bill that made it out of conference at the end of last week will not require reverse mortgage lenders retain 5% of loans they package and sell if they’re insured by the Federal Housing Administration.  It’s a big win for the industry considering FHA’s HECM program makes up almost all of [...]

Generation Mortgage announced a new 4.99% fixed rate reverse mortgage product it’s offering to both wholesale and retail customers.
“We want to give senior homeowners as many alternatives as possible to enable them to stay in their house,” said Scott Peters, President and CEO, Generation Mortgage. “And with such a fragile state of our nation’s economy, [...]